ASC 740: Impacts on Your Financial Statements

by | Apr 7, 2023 | ASC 740, Events, Federal Tax, Tax News

Gain an improved understanding of the technical requirements under ASC 740 and better advise your clients, presented by Lindsay Haskell and Dan DeLau of TaxOps at Lorman CPE. 

Monday, June 8, 2023 | 11:00 am – 12:40 pm MT

 

ASC 740 calculations and reporting of income tax provisions require painstaking attention to detail and expertise that is often beyond the in-house capabilities of responsible parties at many public corporations and businesses looking to go public. ASC 740 standards define the threshold for recognizing deferred tax assets (future benefit) or deferred tax liabilities (future detriment). Because of the focus on assets and liabilities, ASC 740 largely pertains to the balance sheet and the changes in taxes payable and receivable over multiple periods. What is left over from period to period on the balance sheet is expensed.

This course will provide an overview of the basic principles of ASC 740 around key principles of the accounting standard and provide illustrations for the various components that feed accurate calculation and reporting. An exploration of the impact ASC 740 has on financial statements and disclosures, as well as a demonstration of several advanced situations regarding compensation, business combinations, and transfer pricing, will round out this course.

Learning Objectives

  • You will be able to explain ASC 740 principles.
  • You will be able to identify permanent and temporary differences.
  • You will be able to describe the various components that go into an ASC 740 calculation.
  • You will be able to discuss the impact of uncertain tax positions and valuation allowance considerations.

What Is ASC 740?

Lindsay Haskell, Director of Corporate Tax

  • Specializing in corporate, income tax provision and compliance for global brands​​
  • Executes cross-functional compliance and planning integration across tax disciplines for holistic understanding of a business’ tax position, including corporate, income tax provision, international, federal, and state and local tax compliance​​​
  • Private industry and public accounting experience​
  • Former EY​
  • lhaskell@taxops.com | 720-227-0426

    • Daniel DeLau

  • 35+ years diverse international and domestic accounting and tax transactions within a U.S. corporate environment working for international accounting firms
  • Associate Professor of Accounting, School of Business and Leadership, Colorado Christian University
  • Former tax director of multiple public and private companies, each with extensive and complex operations throughout the U.S. and internationally
  • Former U.S. tax director for a Fortune 100 company based in Lausanne, Switzerland
  • Former EY Partner and co-founding partner of TaxOps
  • ddelau@taxops.com

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